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In this morning’s bitcoin price watch piece, we highlighted the downside momentum we saw throughout the early half of this week, and painted it in contrast to the corrective action we saw during Wednesday evening’s Asian session and this morning’s early European action. We suggested a few of the levels that we would be keeping an eye on today, under the assumption that we would get a continuation of the volatility we saw last night. Action has now matured throughout today’s European session, and as we head into a fresh Asian session on Thursday night, where are we looking to get in and out of the markets, and did today’s market give us any joy as far as getting in and out according to our intraday strategy? Take a quick look at the chart.
As you can see, shortly after we published this morning’s analysis we broker through (and closed below) in term support at 230.95. However, we reversed to take out our stop pretty much instantly, and quickly ran up on reentry to reach in term resistance at 234.59. Having traded along this level for a few hours, we broker back below and ran towards (and then bounced from) in term support. In light of this choppy action, the levels we are watching this evening remain those we had our eye on today.
We will initially look for a break back above in term support at 234.59 to validate a medium term upside target of 237.61. A stop loss on this one somewhere around current levels (233 flat will do nicely) will help us to maintain a positive risk reward ratio on the trade.
Looking the other way, a break below 230.95 will bring 227 flat into play on a short-term bearish basis. A stop loss around 231.5 is valid on this breakout scalp trade.
Charts courtesy of Trading View
